Unfortunately, too many Americans are unwilling to accept the truth....and would buy, buy anyway. I know far too many people who were getting 2nd and 3rd mortgages to pay for family vacations to Disneyland, extravagant weddings, etc, spending over $1k at Christmas, so the kids could have the latest in high-tech toys. Maybe now the people will become less materialistic, and smarten up as consumers - and playing in the backyard with the dog after school will replace playing video games.
I've heard so many interviews recently with people who are in major financial trouble and they all say they have always had troubles covering the mortgage and day to day bills, and often can't pay their mortgage, and now it's impossible. I'm sorry, but that's something they should have sorted out a long time ago. Downgrade your home, reel in your spending, and live less stressfully!
My sister in law wanted a really cool swing set for her kids, so she got it for them - with the money she was supposed to use to pay the car registration with. She got pulled over by the cops the day after her registration expired and got whacked with a huge fine for being unregistered. How the heck do you teach people to be more financially responsible????